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LATEST THINKING


OVERVIEW

In the digital economy, there’s little room for secrets. Connected and wearable devices now provide access to consumer data that is exponentially more personal—and ultimately more valuable—than ever. But the reverse is also true. Consumers now have unprecedented visibility into the inner workings of the companies with which they do business.

How companies manage, secure and share that data is fast becoming the determining factor in profitable customer relationships. Those that get the trust equation right will be the ones best positioned to capture the most valuable customer data, as well as digital’s full business potential.

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KEY FINDINGS

One of the benefits of living in the digital world is being able to transact business with the swipe of card or the click of a mouse. In exchange for that convenience, consumers have willingly shared their credit card numbers, age, gender and other information deemed to be fairly innocuous. For years, they have trusted companies to safeguard that information.

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Not anymore. Consumers are now placing conditions upon their willingness to share information.

will share information if they know it won't be sold or shared.

will share information if they can be guaranteed that data-protection safeguards are in place.

Companies that fail to honor customers' demands for data security bear the consequences.

of customers, the manner in which a company secures personal data is a top determinant of loyalty.

of consumers won't do business with companies they don't trust.

RECOMMENDATIONS


To gain customers' trust:
Elevate trust to the c-suite

ELEVATE TRUST TO THE C-SUITE

Choose a trust leader capable of creating a culture of transparency.

Rewrite the trust equation

REWRITE THE TRUST EQUATION

Identify and strengthen each element of trust to win customer confidence.

Keep customers at the center

KEEP CUSTOMERS AT THE CENTER

Capture only data that is necessary, and use that information to enhance the customer experience.

Embed trust into the fabric of the organization

EMBED TRUST INTO THE FABRIC OF THE ORGANIZATION

Put trust at the center of customer strategies and operating models.

Make trust a cornerstone of partnership models

MAKE TRUST A CORNERSTONE OF PARTNERSHIP MODELS

Establish common ethical standards and technical safeguards for all ecosystem participants.



AUTHORS

CONTRIBUTOR

Melissa Barrett       Connect with Melissa Barrett's Profile on LinkedIn. This opens a new window.


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